India’s space sector eyeing to achieve $44 bn economy goal by 2033
NEW DELHI: The Indian space sector is on the brink of a transformative leap, with a clear goal to grow its economy from $8.4 billion in 2022 to $44 billion by 2033. This ambitious target, set to capture 8 percent of the global space market, reflects India’s strategic shift towards a commercially driven, innovation-led space ecosystem.
According to the latest FICCI-EY report released on Wednesday at Bharat Space Conclave 2025’, organized by FICCI, “Unlocking India’s Space Economy – Pathways to Growth, Innovation, and Global Leadership,” the global space economy is expected to exceed $1.8 trillion by 2035, with satellite services, space infrastructure, and deep-space exploration as the key growth drivers. The report underscores the significant role of policy reforms, private sector participation, and international collaboration in propelling this growth. Key initiatives like the Indian Space Policy 2023, along with institutions such as IN-SPACe (Indian National Space Promotion and Authorization Center) and NSIL (New Space India Limited), are positioning India to become a global leader in space.
One of the most critical areas identified for growth is satellite communications (SATCOM). The sector, expected to reach $14.8 billion by 2033, is central to expanding India’s digital connectivity, particularly in rural and underserved regions. Leveraging Low Earth Orbit (LEO) and Medium Earth Orbit (MEO) satellite constellations, India aims to significantly boost broadband penetration, aiding national initiatives such as Digital India and BharatNet. This expansion is expected to foster greater financial inclusion, enhance education, and improve public services.
India’s growing expertise in Earth Observation (EO) and remote sensing is also set to play a transformative role. By 2033, the EO sector is expected to contribute $8 billion to the economy.
The data derived from Earth Observation satellites is already revolutionising key sectors such as agriculture, disaster management, and climate resilience, offering immense potential for precision farming, early warning systems, and environmental monitoring.
The role of the private sector in space exploration and satellite technology has never been more significant.
Dr. Pawan Goenka, Chairman of IN-SPACe, in a statement emphasised that the Indian space sector’s future lies in strengthening its capacity, capabilities, and infrastructure. A notable development is the Earth Observation Preparatory Program (EOPP), which will allow private companies to deploy satellites and provide critical data that India currently lacks from
domestic sources.
Dr. Goenka also pointed out that satellite communication (SATCOM) is an area where the private sector has had little presence, but recent regulatory changes are paving the way for new entrants to launch their own satellites, further boosting the sector’s potential.
As Dr. AS Kiran Kumar, Former Chairman of ISRO, highlighted, the space sector offers strategic advantages in areas like space tourism, habitation, and exploration.
India’s growing leadership role in space, coupled with global partnerships, will be key to realising its long-term vision of becoming a dominant force in the global space economy.
